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Full Year Results for the twelve months ended 31 December 2022

Investment in future growth

Vesuvius plc, a global leader in molten metal flow engineering and technology, announces its audited results for the twelve months ended 31 December 2022.

Financial Summary






Year-on-year change Underlying change (1)
Revenue 2,047 1,643 25% 18%
Trading Profit (2) (EBITA) 227 142 60% 50%
Return on Sales (2) 11.1% 8.7% 240bps 240bps
Operating Profit  217 133 63%  
Headline Profit Before Tax (2) 217 137 58%  
Profit Before Tax 207 128 62%  
Profit  189 108 75%  
Headline Earnings (2) 152 96 59%  
Headline EPS(2) (pence) 56.5 35.3 60%  
Statutory EPS (pence) 67.2 37.7 78%  
Adjusted operating cash flow 186 46 307%  
Cash generated from operations  268 83 224%  
Net Debt (2) 255 277 -8.0%  
Dividend (pence per share) 22.25p 21.2p +5.0%  

(1) Underlying basis is at constant currency and excludes separately reported items and the impact of acquisitions and disposals.

(2) For definitions of non-GAAP measures, refer to Note 16 in the Condensed Group Financial Statements.

Full Year 2022 Highlights

  • Revenue of £2,047m, +18% (underlying) reflecting improved mix and successful execution of pricing strategy to fully recover input cost rises
  • Record trading profit and return on sales of £227m (+50% underlying) and 11.1% (+240bps), respectively
  • Market share gains alongside price rises in all regions for Flow Control and in most regions for Foundry and Advanced Refractories
  • R&D programme and strategic capex to drive volume and margin growth in coming years fully on track:
  • capacity expansion in Flow Control
  • Additional VISO capacity in India and Poland now operational
  • Additional Slide Gate capacity in Poland on track to begin production later in 2023
  • New Flux plant in India to serve India and South-East Asia, operational in 2024
  • Development of new flagship greenfield plant in Vizag, India, to pave the way for the Steel Division long term expansion in Asia
  • + 18% R&D spend in 2022 (fully expensed) to drive technological differentiation and value-add of our products
  • Good progress in H2 on reducing inventory levels, in particular raw materials
  • Free cash flow of £123m despite £89m spent on capex
  • Net debt/EBITDA of 0.9x (31 December 2022), provides flexibility to invest in organic and inorganic opportunities
  • Proposed final dividend of 15.75p, bringing the full year dividend to 22.25p, +5%
  • Target to achieve net zero carbon by 2050; on track for a20% reduction by 2025 and new detailed plan for a 50% reduction by 2035

Comment from Patrick André, CEO:

“2022 was a record year for Vesuvius despite difficult market conditions in the second half. This performance was made possible by the technological differentiation of our products and solutions, which enabled us to simultaneously compensate for all cost inflation with price increases and gain market share. These record results are higher than those ever achieved pre-pandemic, despite materially lower volumes, in both the Steel and Foundry divisions, as our end markets have not fully recovered since that period. This shows that our objective of a 12.5% return on sales is achievable in the medium-term on normalised volumes.

Looking forward, we expect to continue to successfully achieve market share gains through technological differentiation and new product launches. We are also confident in our ability to cover cost increases with pricing. Steel and Foundry markets have remained weak at the beginning of 2023, and we anticipate the rate of recovery to be slow and only to improve later in the year. We will also be impacted in the first half by a negative fixed cost absorption related to the reduction of our inventory level and by the impact of the cyber incident. Despite this, we are confident that our 2023 results will be in-line with our expectations. Looking beyond 2023, we expect the positive impact of our investment in R&D, long-term growth initiatives, and development of our capacity in fast growing regions, will result in accelerated growth and profitability.”

Presentation of Full Year 2022 Results

Vesuvius management will make a presentation to analysts and investors on 2 March 2023 at 08.30 UK time at the London Stock Exchange, 10 Paternoster Square, London EC4M 7LS. For those unable to attend, the event will be livestreamed and can be accessed by clicking here. Participants can also join via an audio conference call. Please click here to register. Once registered, you will be provided with the information needed to join the conference, including dial-in numbers and passcodes. Be sure to save this information in your calendar.

For further information, please contact:

Shareholder/analyst enquiries:
Vesuvius plc

Patrick André, Chief Executive
+44 (0) 207 822 0000

Richard Sykes,, Chief Financial Officer (interim)
+44 (0) 207 822 0000

Rachel Stevens, Group Head of Investor Relations
+44 (0) 7387 545 271

Media enquiries:
MHP Communications

Rachel Farrington/Peter Lambie 
+44 (0) 203 128 8570

About Vesuvius plc

Vesuvius is a global leader in molten metal flow engineering and technology principally serving process industries operating in challenging high-temperature conditions.

We develop innovative and customised solutions, often used in extremely demanding industrial environments, which enable our customers to make their manufacturing processes safer, more efficient and more sustainable. These include flow control solutions, advanced refractories and other consumable products and increasingly, related technical services including data capture.

We have a worldwide presence. We serve our customers through a network of cost-efficient manufacturing plants located close to their own facilities, and embed our industry experts within their operations, who are all supported by our global technology centres.

Our core competitive strengths are our market and technology leadership, strong customer relationships, well established presence in developing markets and our global reach, all of which facilitate the expansion of our addressable markets.

Our ultimate goal is to create value for our customers, and to deliver sustainable, profitable growth for our shareholders giving a superior return on their investment whilst providing each of our employees with a safe workplace where they are recognised, developed and properly rewarded.

We think beyond today to create solutions that will shape the future.

Forward looking statements

This announcement contains certain forward looking statements which may include reference to one or more of the following: the Group’s financial condition, results of operations, cash flows, dividends, financing plans, business strategies, operating efficiencies or synergies, budgets, capital and other expenditures, competitive positions, growth opportunities for existing products, plans and objectives of management and other matters.

Statements in this announcement that are not historical facts are hereby identified as "forward looking statements". Such forward looking statements, including, without limitation, those relating to the future business prospects, revenue, working capital, liquidity, capital needs, interest costs and income, in each case relating to Vesuvius, wherever they occur in this announcement, are necessarily based on assumptions reflecting the views of Vesuvius and involve a number of known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by the forward looking statements. Such forward looking statements should, therefore, be considered in light of various important factors that could cause actual results to differ materially from estimates or projections contained in the forward looking statements. These include without limitation: economic and business cycles; the terms and conditions of Vesuvius’ financing arrangements; foreign currency rate fluctuations; competition in Vesuvius’ principal markets; acquisitions or disposals of businesses or assets; and trends in Vesuvius’ principal industries.

The foregoing list of important factors is not exhaustive. When considering forward looking statements, careful consideration should be given to the foregoing factors and other uncertainties and events, as well as factors described in documents the Company files with the UK regulator from time to time including its annual reports and accounts.

You should not place undue reliance on such forward looking statements which speak only as of the date on which they are made. Except as required by the UK Listing Rules, the Rules of the London Stock Exchange and applicable law, Vesuvius undertakes no obligation to update publicly or revise any forward looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward looking events discussed in this announcement might not occur.

Vesuvius plc, 165 Fleet Street, London EC4A 2AE
Registered in England and Wales No. 8217766
LEI: 213800ORZ521W585SY02